Fake Trading App Cons Hyderabad Techie of Over Rs 3 Cr
Fraudsters promised huge profits; TGCSB registers cybercrime case
Hyderabad: A software employee from LB Nagar was duped to the tune of Rs 3.37 crore in an online investment scam operated through a WhatsApp stock-trading group. Telangana Cyber Security Bureau (TGCSB) registered a case after the victim filed a written petition detailing the fraud.
According to the complainant, the fraud began on August 20, when a woman identifying herself as Aarohi added him to a WhatsApp group titled 305 Stock Market News. Over nearly 20 days, the group was filled with incoming messages which were seen to be claiming huge profits from institutional stocks and IPO trades. There was the trap and the bait was the repeated success stories which he took and eventually he contacted the administrator to join a new investment phase.
On September 23, the victim was instructed by Arohi along with another man named Shiv Sehgal, to download an application they called Nuvama through a link. He was then asked to submit personal details through a Google form. They convinced him to create an HNI trading account, promising an 850% profit over five months and claiming he only needed to follow their investment instructions.
The victim believed in them and made his first transfer of Rs 50,000. The account displayed a small profit, after which the scammers urged him to invest more to participate in OTC trades and IPO purchases. Over the next 50 days, he transferred Rs 3, 49,20,004 to multiple bank accounts, which were provided by the accused. The victim as even allowed for a withdrawal of Rs 12 lakh, which only made him to build trust.
By early November, the trading account falsely showed profits of Rs 28.52 crore. But when he attempted to withdraw his money, the suspects demanded a 20% service fee. After negotiation, he paid Rs 30 lakh but they only continued imposing additional charges, claiming loan issues and other technical reasons. His withdrawals were given reasons initially, but later remained blocked which caused suspicion to the victim.
Realising he was duped, the victim filed a complaint on the National Cyber Crime reporting portal and later approached the TGCSB. A case was registered under Sections 66D IT Act and 318(4), 319(2), 338 BNS, and the investigation is underway.
